European reinsurer reserves remain strong despite deterioration: KBW
In recent years, spurred on, no doubt, by a heady cocktail of heavy catastrophe losses, loss creep from these losses, and ever greater worry about long-tail casualty risk finally starting to bite, the doom-mongers in the market have raised concerns about the reserve adequacy of some of the major carriers. ...
European legacy remains competitive and strong
Over the past decade, as the impact of Solvency II capital requirements has become evident, continental insurers have warmed to the solutions offered by legacy providers. The established legal frameworks, with UK Part VII transfers just one example, have aided the expansion of the sector. Legacy companies and their clients ...
Axa eyes sale of Central European operations: report
French insurance powerhouse Axa is considering selling its business units in Poland, the Czech Republic and Slovakia for as much as Eur800mn ($883.1mn).
FCA to take 'pragmatic' view on Brexit day
The UK Financial Conduct Authority said it will take a proportionate and pragmatic approach to regulatory oversight on Brexit day and reiterated its warning that leaving the EU during the working week could pose “operational challenges for firms.”
IFTRIP teams up with Geneva Association to launch cyber terrorism task force
The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) and the Geneva Association (GA) are launching a joint task force on cyber terrorism and cyber warfare.
Tackling non-damage BI requires “bespoke” focus: IFTRIP
Small and medium-sized enterprises (SME) increasingly require bespoke coverages to tackle non-damage business interruption (NDBI) losses experienced in the aftermath of a terrorist event, but insurers will need to better understand their clients if they are to meet the need, a conference has heard.
Terrorism pools highlight benefits of industry working with governments
As the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) holds its annual conference in Brussels this week, The Insurer looks to the role that public sector partnerships can play in transferring risk for the world’s most costly threats.
Aqueous secures £60mn capacity from QIC Europe
MGA and Lloyd’s coverholder Aqueous Underwriting has entered a deal with QIC Europe, which will see the insurer provide £60mn ($74mn) capacity to the MGA over the next three years.
Insurers to cover $15mn of Danish firm’s cyber attack loss
Danish hearing health care company Demant has estimated a financial impact of DKK550mn to DKK650mn ($88mn to $96mn) from a cyber attack last month after the recovery of DKK100mn ($15mn) from its insurance.
Northern Ireland braces for Hurricane Lorenzo after Azores lashing
Tracking over the Azores Islands off the coast of Portugal, category 2 Hurricane Lorenzo is set to reach Northern Ireland at extratropical cyclone strength on Thursday afternoon.
Simon Matson: a baptism of fire
It was an eventful first year for Gallagher UK CEO Simon Matson. Brexit, M&A, the FCA wholesale broking review, Lloyd’s transformation and, of course, the law courts were all competing for his time in addition to the day job of running one the UK’s largest intermediaries. Will it be a ...
RSA names Conran permanent CEO of Luxembourg hub
UK insurer RSA has named Rachel Conran as permanent CEO of RSA Luxembourg, the office launched last year as part of its preparations for the UK’s exit from the European Union.
European Commission approves L&G GI takeover by Allianz
The £242mn ($298.2mn) acquisition of Legal & General’s (L&G) general insurance business by the UK arm of German powerhouse, Allianz, has been given the green light by the European Commission.
GIC considers Russia and LatAm for international expansion: report
General Insurance Corporation (GIC) of India has set its sights on Russia and Brazil, as it looks to even out the ratio of domestic to foreign risks in its underwriting portfolio.
Turkey launches domestic carrier Türk Re
The Turkish Ministry of Treasury and Finance has unveiled a new reinsurer, Türk Reasürans AŞ, as the government looks to build out the country’s national insurance sector.
HDI Global names AIG’s Stamm Swiss branch CUO
Talanx-owned HDI Global SE has appointed Thomas Stamm as chief underwriting officer for property and casualty (P&C) within its Swiss branch.
Travelers to transfer European business to Dublin after Brexit
Travelers Insurance Company Limited has received approval to transfer in-force policies and historic liabilities written out of its European branches to its Dublin-based subsidiary, Travelers Insurance Designated Activity Company (Travelers Insurance DAC).
RSA names Kevin Thompson Ireland CEO
RSA Ireland has appointed Kevin Thompson chief executive of the business unit, replacing Ken Norgrove at the helm of the division.
Perils drops Dragi-Eberhard losses to Eur772mn
Loss aggregation firm Perils has pegged property damage losses from extratropical cyclone Dragi-Eberhard at Eur772mn ($852mn).
